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Morley sells absolute funds into Europe

Morley's Luxembourg-domiciled absolute return funds are to be made available throughout Europe. The ...

Morley's Luxembourg-domiciled absolute return funds are to be made available throughout Europe. The products will be either sold as white labelled products through distributors or registered in countries not previously available for sale.

The group is still in its final stages of deciding what products will be made available throughout the Continent, but it would only be those within the absolute return fund range.

Morely has three absolute return funds in its Luxembourg Sicav which includes a bond vehicle, an asset allocation portfolio and a fund of hedge funds. Currently, the funds are only available to the southern regions such as Portugal, Italy and eastern Europe.

Dr. Adam Lessing, head of European business development at Morley, said: "We have decided to distribute our absolute return range across Europe because investors are wanting to buy these products.

"With the introduction of Ucits III last year, investors have become more aware of absolute returns. This allowed the introduction of short positions and derivatives in retail funds, which previously were only used by hedge funds. As absolute return funds have more transparent investment parameters than hedge funds, investors are beginning to prefer this asset class.

"Advisers have also become more aware of absolute return funds since S&P introduced a separate category for them last year. This has made it clearer to advisers on their performance returns for investors. Previously, these vehicles were not categorised in their own group but were placed in the general equity and bond categories."